Fitch cuts, pulls Ultra Petroleum ratings

Fitch Ratings said it downgraded the issuer default rating for Ultra Petroleum Corp. and Ultra Resources, Inc. to D from CCC and withdrew its ratings for commercial reasons.

Also, Fitch downgraded Ultra Resource's secured revolver and term loan to CCC-/RR2 from B/RR1, senior secured second-lien notes to C/RR6 from CCC/RR4 and senior unsecured notes to C/RR6 from CC/RR6.

The downgrades follow Ultra voluntarily filing for bankruptcy under Chapter 11 on Thursday.

Ultra reached an agreement with all of the lenders under its first-lien revolving credit facility, 85% of the loans under the first-lien term loan and 67% of the second-lien notes, the agency said.

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